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Orascom Telecom says stock to resume trade Sunday

CAIRO: Orascom Telecom (OT) said on Thursday its shares would resume trading on Sunday after the purchase by Russia’s Vimpelcom of most of the group resulted in it being split into two separate companies. Trading in OT’s shares has been suspended since Nov. 24 as it spun off Orascom Telecom Media and Technology (OTMT), which …

CAIRO: Orascom Telecom (OT) said on Thursday its shares would resume trading on Sunday after the purchase by Russia’s Vimpelcom of most of the group resulted in it being split into two separate companies.

Trading in OT’s shares has been suspended since Nov. 24 as it spun off Orascom Telecom Media and Technology (OTMT), which will include the assets excluded from Vimpelcom’s takeover.

OTMT’s shares will also begin trading on Sunday.

"Following receipt of approvals from the Egyptian Financial Supervisory Authority and the Egyptian Stock Exchange, the current suspension … shall be lifted on Sunday," OT said in a statement.

Vimpelcom bought Orascom’s parent company, Wind Telecom, in April in a deal worth more than $6 billion.

Under the deal, assets including a stake in Egyptian mobile operator Mobinil and Orascom’s North Korean operations were spun off into OTMT, which will remain under the control of Orascom’s founder Naguib Sawiris.